St Modwen set for record profits thanks to revival in UK regions

Kasmira Jefford
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ST MODWEN Properties said yesterday it was on track to report record profits this year, thanks in part to a revival in the regional property market.

The company behind the regeneration of New Covent Garden Market in Nine Elms said profit before tax for the year to 30 November would be “at the top end of market expectations”.

Peel Hunt analysts have forecast pre-tax profits of £120m. Chief executive Bill Oliver said: “Our commitment to the UK regions is paying off, with good returns already being achieved as we continue to grow our active development portfolio with new commercial and residential opportunities.”

It said the residential market had continued to perform well and over­all profits from residential development remain in line with expectations set out at the half year.

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